Home buying thread

Bought a home in Melissa. Value gone up 25k since signing the contract, love the free equity. 4/2 with 3 car garage and no neighbors behind. My builder had 20k in options as well.

Kinner said:

Bought a home in Melissa. Value gone up 25k since signing the contract, love the free equity. 4/2 with 3 car garage and no neighbors behind. My builder had 20k in options as well.

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I have an old buddy that just bought one in Melissa, grats.

TheBeagle said:

Bought a new house in Northlake TX last week (a few miles from Texas Motor Speedway). 3/2, open floor plan, about 1,500 sq ft. Single developer neighborhood, Centex. $5k for cabinet/countertop/ flooring upgrade. They had three selections to choose from and we went granite/white cabs/grey vinyl wood floors/ivory subway tiles for the backsplash. We were the third house to sign in this development, really pleased with what we are getting. Prices increase $3k across the board for every 4 houses they sell. It's 1000x nicer than resales in the current market at our price range, $243k and we're out in the country. Good HOA; no rentals and no investors. I plan on running for a seat on the board once everything is settled. Construction starts in the next week or two, hopefully move in June. As a pool builder I hope to build my own backyard oasis next year. Pic of the model we got.
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I applaud the lack of Windows in aiding to help fend off the eventual sjw hordes overflowing from Austin, but perhaps a pillbox in that central parapet for a .50 cal?

Frenzied Wombat said:

I applaud the lack of Windows in aiding to help fend off the eventual sjw hordes overflowing from Austin, but perhaps a pillbox in that central parapet for a .50 cal?

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Well, there's only two entrances to the development and those are up front. The back side is just one giant pond with deep woods behind it. It's far enough out that I hope it's still 5 or 10 years from being suburbified. But who knows the locusts are spreading quickly.

I have a few low income renters who have taken advantage of the no rent business. I'm working with them to figure out what happens when rent is due. I did get some state funding for these folks to help offset the costs. It has been pretty shitty for landlords, though. I'm fortunate in that I have almost no mortgage on any of my properties. If I had hefty mortgage payments to make for all of them I have no idea what I would have done.

But I've done things to keep the positive spirit with my renters. In one spot I have ten units all together. I have done a bunch of big ole barbecues and invited all my tenants for free dinner and take home food. Done it at least once a month. They love me, they're all anxious to uphold their leases, and even the ones who have lost jobs and can't pay full rent have been paying some, as much as they can.

But it's a shitty time to be a landlord.

Sanrith Descartes said:

Why I feel the way I do about real estate. The LA Times finally asking the only question that matters...

What happens when all that rent comes due?

Millions of Americans, especially low-income tenants, are accumulating debt amid the COVID-19 pandemic, threatening to create a downward financial spiral.

www.latimes.com

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I read the article. One person lived in Westlake. Another in West Hollywood. Like literally two of the more expensive parts of town. Homes here cost $1,000 a sq. foot - that's right, a small 1000 sq ft condo is gonna run you a million bucks. The third lived in K-town which is in the central part of LA, also expensive, but you can find deals there.

Then they lament how hard it is going to be for those making $25-$30k a year. I can't believe this is the LA Times (actually I can, the paper went south decades ago). SPOILER ALERT - even in the best of times you are going to struggle making less than $40k a year in LA.

This is also why you don't buy low cost homes as rentals. I learned this the hard way when I bought some homes in Las Vegas for $200k a piece. In hindsight, I should have bought one home for $600k. The people who rent my $200k homes are part-timers, my guess are like bartenders, strippers, cab drivers, etc....they rarely stay for more than a year, they always struggle making rent, and when they leave the place is trashed. Meanwhile, I have $500k homes I rent in LA, two of them I have had the same renters in them over 5 years, I might hear from them once or twice a year when there is a maintenance issue. Perfect renters, and reliable sources of income.

TheBeagle

Girl I went to school with recently moved to Rockwall. She lived in CA with her husband and then they moved to Dallas. Must be nice. They divorced and he bought her a new house while she works at Baylor medicine. Her now ex husband owns a medical spa. When the virus isn't going on she bass fishes near 24/7 lol. Good work if you can get it. Pretty sure she had some work done at the spa, but I would never say that...to her. If I was in better shape I'd weasel in for a fishing trip.

TJT said:

TheBeagle I was talking to my account manager for the consulting firm I part time for. She lives north of Dallas by the Oklahoma border. She was bitching to me nonstop about Californians even shitting up things out there in the boonies lol. I do like to hear her deep south accent though. She is from Georgia or something originally. The cancer is spreading far and wide man.

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I hear ya. It's bad. But from my own anecdotal experience as a builder that sells to these transplants - 80% seem to be fleeing from the cancer, not trying to spread it. Good for business though and you kno the best way to protect yourself from liberal retardation? Money. (and guns, but you can buy guns with money, so...)